As per SEBI's Master Circular on the application process for public issues of securities, individual investors can use UPI as a payment mechanism when applying through intermediaries. What is the role of UPI in the publi

In order to streamline and align the process of applying in the public issue of debt securities, non-convertible redeemable preference shares, municipal debt securities and securitised debt instruments with that of public issue of equity shares and convertibles, it has been decided that all individual investors applying in public issues of such securities through intermediaries (viz. syndicate members, registered stock brokers, registrar to an issue and transfer agent and depository participants), where the application amount is upto ₹5 Lakh, shall only use UPI for the purpose of blocking of funds and provide his/her bank account linked UPI ID in the bid-cum-application form submitted with intermediaries. Further, individual investors shall continue to have the choice of availing other modes (viz. through SCSBs and Stock Exchange Platform) for making an application in the public issue. These provisions are applicable to public issues of debt securities, non-convertible redeemable preference shares, municipal debt securities and securitised debt instruments opening w.e.f. November 01, 2024.